ICAI - Chennai - Unlisted Public Companies - 16.06.2014

Section 2(71) defines the term "public company"to mean:a company which:

(a) is not a private company;

(b) has a minimum paid-up share capital of five lakh rupees or such higher paid-up capital, as may be prescribed:Provided that a company which is a subsidiary of a company, not being a private company, shall be deemed to be public company for the purposes of this Act even where such subsidiary company continues to be a private company in its articles ;

Section 2 (41) defines the term 'financial year'.The new law stipulates that all companies will have to adopt the uniform financial year of April 1st to 31st March.Existing companies have been provided cooling period of two years to modify their financial year in accordance with the new Act from the date of commencement.

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